We opened a position in VNDA and got a great return. We lost our nerve with BGP and missed out on a great return. We completely ignored ATSG, DTSG, SMRT, RFMD, PIR and CHUX although all appeared on our NCAV screen at some stage earlier this year. A little more evidence that diamonds can be found if you dig through enough trash.

There is a site called value-investing.eu which screens for NCAV stocks on the NYSE/AMEX/NASDAQ stocks but also OTC stocks (which is where some real bargains can be found). Subscription runs at 199 euros a year.

This is a common problem— premature de-allocation is just as common of an issue as premature allocation. But, as long as we follow value based principles, we will come out on top. Even the, so called gurus, never bought at the bottom and sold at the top.

1. GuruFocus has an excellent screen that allows you to choose between cash flow positive and/or negative net nets. You need to be a subscriber, which runs to around $249 p.a.
2. The Graham NCAV Screen (there’s a link in the Blogroll). It’s free.

Thanks for sharing that information. I too use the Graham NCAV Screen website as a reference but have never used Gurufocus although I frequent the site often. Most often, I use my own custom screens on Yahoo and Microsofts screening programs. In your experience, if you would elaborate, which have you had the most success using; GuruFocus or the Graham site? Thanks again.

Thanks for sharing that information. I agree, the real work is in the filings. If it weren’t for keeping to a value formula my entire investing life, I wouldn’t have had a 610% return thus far for 2009 by investing in deep value company’s. Thanks again,

Don’t feel bad, I missed allot of them too. I do have one question that I hope you’d be able to find the time for. What software program or website do you recommend for NCAV screening? I’ve used Yahoo because they have an Enterprise Value category that generally brings up many net-net’s for me but since yahoo only has access to a limited amount of publicly traded companies, I miss many of them as well. I also have a very unscientific way to screen net-net’s using microsoft’s online deluxe screener but like yahoo, it too misses many of them. What do you use? Thank you in advance.